Yes. Get help right away. Many people have only $10,000 or $20,000 and feel they will pay the nursing home for 3 or 4 more months then when they are broke they will apply for Medicaid and therefore they do nothing. This can be a big mistake. Who will pay your funeral expenses when you die? Your children? Who is going to pay the real estate taxes and homeowners insurance on your home while you are in the nursing home? Your children? Who is going to pay the repairs and maintenance on your home while you are in the nursing home? Your children? If you need extra clothes or medical supplies not supplied by the nursing home who is going to pay for these items? Your children? If you need cigarettes, books, magazines, reading materials, candy, snacks, clothing, etc., who is going to pay for these items? Your children? Once you are on Medicaid all of your income (social security, pension and retirement) goes to the nursing home to pay for your care. Medicaid only pays the amount you are short each month. Medicaid only allows you to keep and spend $40 per month from your income (social security, pension and retirement) and $40 per month is not enough to pay for all the expenses listed above. Who is going to pay? Your children? This is why people who only have $10,000 or $20,000 or more want to protect as much of this money as they can, otherwise their children will be paying thousands of dollars each year to maintain and keep up Mom’s home and pay for her little extras. Then when Mom dies they may have to pay substantial funeral bills. Why not pay all these expenses with your last $10,000 or $20,000 and take this burden off of your children. But without taking immediate action this will not happen. Without immediate planning the last $10,000 or $20,000 will be paid to the nursing home and your children will be left to pay all these ongoing expenses out of their pocket. Worse yet what if your children can not afford to pay these expenses. Your home is at risk if the insurance and real estate taxes are not paid. Your children may not want to pay these expenses if they feel the home is going to be lost to Medicaid anyway so why pay these expenses which they may never recover. Planning now can prevent all these problems, but you must act immediately because waiting 2 or 3 months may be too late, Mom may have spent her last $10,000 or $20,000 on the nursing home.
If I am in the Nursing Home and I don’t have much money do I still need to plan and why?
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